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However frauds and little frauds. And there's something that a fraud constantly does: it constantly goes to absolutely no. However Bitcoin didn't. Bitcoin still had a multi-billion dollar net worth, even after crashing, even after all the bad news came out. The enormous hack. Which woke something up for me.
And so I can't overlook that. I have actually got to go dig deeper." Therefore I started traveling all around the world. I started going to Bitcoin occasions; I started to talking with individuals that were smarter than me in this area. And what I realized is that Blockchain innovation and the application of Blockchain innovation by the Bitcoin network was transformational.
Which, Ryan, is, I can't overstate how huge that is! The implications of that, of being able to have information that we do not need to have it independently confirmed, it's cryptographically verified. That principle can ripple out throughout the whole higher economy. And when that penny dropped, I knew I had to devote all my expert resources into becoming an expert in this space.
And do you believe, I mean you discussed something there about not having to get a third-party, or intermediary to validate something. Do you feel that part of the factor that this isn't getting as much mass adoption is that a lot of folks might not even fully comprehend validation procedure . We were just speaking about how I'm delegating go to China, to China. And paradise forbid it's over $10,000, and then all of a sudden there's other individuals getting informed about it, like the IRS and things like that. Do you believe that the average folks do not perhaps learn about these processes, so they do not maybe see what you're stating as this development, they do not see it in their daily life? Or what do you consider that? I think that holds true.
It's not as simple as firing up a web browser and going to e-trade. com and pressing a buy button and buying it, right? You have actually got to go to an exchange, you have actually got to submit your identity files, then you've got to wait to get confirmed, and after that finally, you can go buy some Bitcoin.
So, a great deal of individuals discover that too inconvenient, which's why the individuals that are literally making the most amount of cash right now in cryptocurrencies are the early adopters: people that are ready to put in possibly the 20 minutes required to go through a procedure which just takes 5 minutes if you desire to establish a brokerage account.
"Oh Teeka, we love your ideas, but gosh, establishing a crypto account is so hard." What I inform them is I state, "Look, when it's simple as going to your Fidelity account, Bitcoin will be $20,000 a coin," right? The entire cryptocurrency market will be 10x bigger. So you're actually truly earning money an enormous amount of money to go through perhaps, you understand, 20 minutes of a headache.
So you can't purchase Bitcoin yet through their trading platform, however it is simply a question of time, Ryan, before you'll be able to buy cryptocurrencies directly through your trading software. And can you imagine what will happen to this whole market when purchasing Bitcoin or any cryptocurrency is as easy as shooting up your e-trade, or fidelity tradings platform.
Right now you pointed out the procedure that people go through, and something I wish to bring to light too that you didn't discuss, however I understand a lot of folks who have problem with this too, is oh, and by the way, you can just purchase $1,000 a week. Or you can just buy $500 a week.
As tough as possible, best, like Coinbase. It 'd take me permanently before I could begin buying in size on Coinbase. They resemble, well, we'll let you buy $500 a week, Teeka. I indicate, it's if you remember the early days of the Internet, when we were getting on the Web, we were doing it with 56k modems, right? I imply it would take 20 minutes to fill a page.
Even when AOL came on board, and you 'd call AOL, and you 'd be on hold for 90 minutes. I mean, we're in the early days of that technology, however just like during that time period, for the folks that had the vision to see where the future was going, and after that bought in on some of these young business, they made an absolute fortune.
Mm-hmm (affirmative). And let's take a step back for a second, because I'm constantly curious to speak to individuals who are, especially someone like yourself, who's devoted the last, you understand, the lion's share of the last couple of years to really go both feet in on this. How do you explain cryptocurrency to like an average individual? That's a fantastic concern.
They're 2 totally different things, however they're both called cryptocurrencies. A cryptocurrency is a cryptographic token that is trying to be an option to cash. So Bitcoin would be a cryptocurrency. Therefore what provides it worth is that it is, there's just going to be a minimal quantity. There'll never ever be more than 21 million Bitcoin.
There are billions of dollars worth of computers, confirming the deals on the Bitcoin network. Therefore if you take a look at that Bitcoin network, individuals constantly attempt to hack it. However since of the nature of the network, today it's been unhackable. And actually, with current technology, the Bitcoin network is so huge right now, you can't co-opt it, you can't take it over.
And so when individuals put, you've got people who have actually own billions of dollars worth of Bitcoin. And they're making that bet due to the fact that they're saying, "We do not rely on paper currency, you can print a limitless amount of it. It's actually not protect, and the government can take it far from you." - Whereas with Bitcoin, best , go on.
Yeah. Or individuals that remained in Cypress, or simply people who have suffered through either devaluation, or there's a high need for, in Argentina for example, high demand for a black market of U.S. dollars. Correct. Are those nations that could potentially be a catalyst for more adoption, because they currently don't think in their own currency? Yeah, and I think we have actually already seen that.
So yes, and this is a thing that a lot of American or Western financiers have a tough time getting their head around. They're like, "Well I do not need Bitcoin, I have money." Well yeah, you're right, you've got a stable currency, right? You do not require Bitcoin - Yeah. And so there's this entire burgeoning worldwide need for cryptocurrencies. So anyway, that's one coin, cryptocurrencies, and there's an entire 'nother coin called energy coins. And energy coins are essentially utilized, let's say Ethereum, which a great deal of people understand about Ethereum. Ethereum is essentially an international computer system that you can compose computer programs for and run computer system programs on a globally decentralized computer system program.
So we consider something like Ether an energy token, because you're essentially purchasing programs power. So I wouldn't truly consider Ether a cryptocurrency, I would call them an utility coin. Okay. And there are other ones out there, to give people a concept, like a very simple one that I would envision you 'd called an utility token, resembles FileCoin.
Where the idea is that essentially you're hosting files through a peer-based network, and there's kind of this same kind of network impact that you have with Bitcoin, where it's like unstoppable example, since it's on many various areas and. And you type of discussed having this boots on the ground experience. Now, because we're taking a look at the bulk of these are probably energy based, correct? Mm-hmm (affirmative). The majority of the coins that I advise and take a look at are utility-based. We have a few cryptocurrencies, however I think the real chance depends on the utility coin space.
There's all of these ICOs that were occurring, those slowed down a bit with some modifications to a few things that was going on, however people are going to come out of the woodwork and start to develop utility coins- Correct, yeah. And individuals need to comprehend that not all energy coins are developed equivalent.
So you have the benefit of dedicating your occupation to this, so you can head out there and do the recon, you can fulfill the founders, you can examine the code, and so on. But for a typical individual, there's now what, over 1,000 different types of coins readily available, practically 1,200 I think. 'Cause usually it'll crash 80% or two - undefined. And that's when we truly start taking a look at the idea in more detail. So here are some quick and filthy things that you should take a look at, right? So, one is, are they resolving an issue that requires to be resolved? Among the big drawbacks with extremely clever, technical individuals, is that they like to resolve problems that no one cares about fixing.
Does the group have experience of performing in an effective way in another area of their life? And it doesn't even need to be directly related to cryptocurrency, it doesn't have to be even directly related to software application, right? So, however I wish to see a track record of success in something, right? If it's 4 men in a space that are simply out of college, unless they've got some really great advisors behind them, I'm most likely not going to provide any money.
Yeah. I believe that in marketing in general, my world of service, we continuously search for issues and how we can fix them. Now, are the issues things that people are trying to solve a part of the Blockchain generally? Or would you state it's better if they're fixing type of a mass problem? Something like FileCoin, or something else that would be more mass appeal? Or is it a mix of both? Well I'm basically trying to find solutions that, so I'll offer you an example.
And the reason that we bought it is because they found a way to make files tamper-proof, and it's 99% less expensive than present innovation, right? So that's yeah, it's a no-brainer, right? Right. And then on top of that, the man that started it has a track record of creating computer programs that entire states run their whole operations on, right? So you have actually got all right, the wise person has built big computer system programs, great group, fixing an enormous issue that is going to cut huge expenses.
I suggest, it doesn't get any simpler than that in terms of deciding who to put money behind. And a great deal of this prevails sense, and a lot of folks will try to make things more complicated than it is. And I have a really easy rule, Ryan. If I do not understand something, I set up my hand, and I state, "I didn't understand what you simply said." Mm-hmm (affirmative).